Over half a million homebuyers in England are set to benefit from the Stamp Duty holiday, according to the latest research by estate agent comparison site GetAgent.co.uk.
GetAgent analysed transaction data from the Land Registry to see how the market has already performed between the launch of the Stamp Duty holiday and the original deadline of 31st March 2021. GetAgent then estimated what the continued impact will look like by the time the clock does finally expire on the initiative.
Its research also shows that prior to the launch of the Stamp Duty holiday, 258,978 transactions took place across England between 1st January 2020 and 7th July 2020.
In total, GetAgent estimates that of the 539,972 transactions forecasted to complete between 8th July 2020 and the initial deadline extension of 30th June this year, 84% will pay no Stamp Duty at all, with the total market saving expected to hit nearly £3.2bn.
In addition, it expects a further 138,764 homes to be sold between the additional deadline extension of 1st July and 30th September this year. Despite the Stamp Duty free threshold being reduced from £500,000 to £250,000, GetAgent estimates that 45% of all transactions will still remain Stamp Duty exempt with a further saving of £250,006,781 seen across the market as a whole.
In total, the Stamp Duty holiday in its entirety looks set to see an estimated 76% of all homebuyers pay no Stamp Duty, with the total saving hitting over £3.4bn, the comparison site says.
Colby Short, Founder and CEO of GetAgent.co.uk, comments: “The current Stamp Duty holiday may have its critics and there’s no doubt that it’s been a factor in creating the current market bottleneck that has seen many subject to long delays during the transaction process.
“However, there’s also no doubt that a great deal of homebuyers have benefitted and many more will continue to do so right up until the end of September. Even with the reduction of the Stamp Duty free threshold from July onwards, nearly half of all transactions will continue to pay no Stamp Duty at all, so we can expect the market madness to continue until this secondary deadline, at the very least.”